Boca Raton single family home average sale prices are up for October

The average sales price of a single family home sold during October in Boca Raton increased by 7.6 percent – from the same period in 2018 – according to the Realtors of the Palm Beaches and Greater Fort Lauderdale (RAPB+GFLR).

For October, the average sales price for the 186 closed single family home transactions was $819.477, compared to $761,309 in October of 2018. Likewise, the medium sales price also showed an uptick of 4.4 percent, from $470,000 in October 2019 against $450,000 for 2018.

That trend also kicked up the percent of original list price received from 91.1 percent a year ago to 91.7 percent last month.

Those were some of the few positive stats from the RAPB+GFLR monthly local market update.

In its ‘Monthly Indicators’ review for south Palm Beach County, the RAPB+GFLR said that mortagage rates are approximately 1 percent low than a year ago, and that Fannie Mae was predicting continued low rates – possibly even dropping more – in 2020.

Here was the conclusion of RAPB+GFLR review:

“As we begin the slower time of year for home sales, historically low mortage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanaced market.”

Boca Raton falls in that category of a shrinking inventory in available single family homes – and in the townhouse/condo market, too.

Other year-over-year single family stats from the RAPB+GFLR report were:

• Closed sales were down 12.7 percent – 186 in October 2019, 213 in October 2018
• Overall dollar volume was down 6 percent – $152,422,717 in 2019, $162,158,896 in 2018
• Median time to contract was up 12 percent – 93 days in 2019, 83 days in 2018
• Pending sales were down 22.2 percent – 151 in 2019, 194 in 2018
• Inventory of homes for sale was down 12.2 percent – 1,083 in 2019, 1,234 in 2018
• Months supply of inventory was down 6.8 percent – 5.5 months in 2019, 5.9 months in 2018

The lone bright spots in the townhouse/condo report centered on median sales price and new listings.

The 209 closed sales in October resulted in a median sales price of $215,000 – compared to $210,000 in October of 2018.

New listings showed a modest 1.6 percent increase, with 393 townhouse/condo units coming on market in October, with 387 additions for the same period in 2018.

Other townhouse/condo stats from the RAPB+GFLR report were:

• Closed sales were up 1.5 percent – 209 in October 2019, 206 in October 2018
• Average sales price was down 8.4 percent – $270,376 in 2019, $295,106 in 2018
• Overall dollar volume was down 10 percent – $54,467,649 in 2019, $60,516,700 in 2018
• Percent of original list price received was up 0.5 percent – 92.6 percent in 2019, 92.1 percent in 2018
• Median time to contract was up 1.4 percent – 75 days in 2019, 74 days in 2018
• Pending sales were down 14.7 percent – 192 in 2019, 225 in 2018
• Inventory of homes for sale was down 7.8 percent – 1,102 in 2019, 1,195 in 2018
• Months supply of inventory was down 4.0 percent – 4.8 months in 2019, 5.0 months in 2018

For more information on single family, townhouse/condo housing and commercial properties in Palm Beach and Broward counties, contact Petruzzelli Real Estate at the 2325 N. Ocean Blvd. (A1A) office in Boca Raton or call them at 561.362.8413.